Medtronic income slips in Q2 after lead defibrillator recall

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Medtronic reported the financial results, which reflected a 2 percent income decrease for its second quarter of 2008 fiscal year (end-Oct. 26).
Medtronic recorded second quarter revenue of $3.124 billion, a 2 percent increase over the $3.075 billion reported in the second quarter of fiscal year 2007.

Net income for the second quarter was $666 million, a 2 percent decrease over the same period in the prior year, according to the company.

Bill Hawkins, Medtronic president and CEO, attributes the losses to the voluntary suspension of Fidelis leads and its negative impact on the company, but he stressed that it “was the right decision as there is nothing more important to us than the safety and well being of patients.”

For the quarter, 37 percent of its revenue was from outside the United States, according to the Minneapolis-based Medtronic.